Info-tech

BSNL employees salary for November disbursed: CMD

S Ronendra Singh New Delhi | Updated on December 30, 2019 Published on December 30, 2019

PK Purwar, Chairman and Managing Director, BSNL

Also clears vendors' dues amounting ₹1,700 crore

State-owned telecom operator Bharat Sanchar Nigam Ltd (BSNL) on Monday said it has released the November salary for its employees that runs up to ₹800 crore.

The company has also cleared ₹1,700 crore of vendors dues, which had been pending for long.

Outstanding at ₹10,000 cr

“Salaries (for November) for the employees have been released today (Monday) and the amount will be credited to their accounts by today-end or Tuesday morning. We have released ₹1,700 crore to our vendors and contractors for various dues through loans and internal accruals. Our overall outstanding is around ₹10,000 crore,” PK Purwar, Chairman and Managing Director, BSNL, said.

Read: BSNL to pay November salary before year-end

Asked when regular disbursement of salaries will resume, he said it will take three-four months; more clarity will emerge after January 31 when the employees who have opted for the voluntary retirement scheme serve their last day in office, he added.

After January 31, around 70,000 employees will be left in the organisation as 78,569 people had opted for the scheme offered by the government.

In October, the Centre approved a ₹69,000-crore revival package for BSNL and MTNL that involves the merger of the two loss-making firms, monetisation of their assets and a VRS for employees.

The objective is to turn the combined entity profitable in two years.

The two firms will also monetise assets worth ₹37,500 crore in the next three years.

Over the last few weeks, thousands of employees have opted for the VRS rolled out by both the companies.

The debt-laden telecom players are expected to save around ₹8,800 crore annually in salary bills through the exercise.

Fundraising via market

Purwar had recently said that post January 31, things will get streamlined, and BSNL will save around ₹600 crore each in February and March, which will translate into savings of ₹1,300 crore this fiscal alone under the head salaries.

He also  said BSNL will raise ₹1,500 crore from the markets to meet its operational expenses.

Published on December 30, 2019

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.